BEIJING — The financial reports of Chinese listed firms revealed improving corporate profitability amid stable economic growth.
As of Nov 24, 1,256 listed firms had disclosed their advance 2017 financial reports, with more than 76 percent expecting rising net profits or the turning of losses into gains, according to Wind, a leading information service provider.
More than 200 of the companies expect their 2017 net profits to more than double compared with a year earlier, with electric vehicle giant Zotye Automobile leading the profit growth.
With the acquisition of new company boosting profitability, Zotye Automobile forecast its 2017 profits could increase by over 1,450 percent, potentially reaching 1.36 billion yuan ($206.4 million).
Only 62 companies forecast losses in 2017, with 160 firms expecting shrinking profits, and 74 remaining uncertain about their 2017 financial results.
China’s economy showed strong resilience in the first three quarters, with GDP expansion holding steady at 6.9 percent year on year.